Finance and Admin in the PBSA Industry

Accomplishing financial success

 

The financial department is always wanting to improve and change processes for the better. Every suggestion is thoroughly thought through and backed up with financial data, you just want the company to be in the best financial position it can be.

Your ideal goal would be to increase the number of students paying on time and decrease the amount of time spent chasing late payments. This will lead to the ultimate goal - revenue increase.

PBSA finance

Are you battling with these challenges?

managing payments

Managing student payments

One of your top priorities is to receive student payments on time. Whether you are manually tracking each students’ payments and then chasing those outstanding, or you may have a system but your current integrations may not be cutting it. Consequently, the payments are not seamlessly coming through and you still have to work out who to chase. You are finding this frustrating, time-consuming and probably looking for an efficient solution.

Abacus

Reconciliation

Reconciling accounts for PBSA’s can be especially difficult as it can go into such granular detail, for example down to room-by-room or student-by-student. This can be a very time-consuming and monotonous task. However, it can also ensure your financial health is being represented correctly and that you have not overpaid for anything and that you also have not been underpaid.

limited resources

Limited resources

We frequently see that PBSA’s only have one team member who has the skills and knowledge to do the companies manual financial integrations. We hear that training new staff on how to do this would be very time consuming as it is such a complex process to learn, and therefore it rarely gets done. This is a risky situation as you only have one point of failure, possibly meaning external support is required which equals additional costs.

magnifine glass

Numerical mistakes

With 1000’s of entries needing to be inputted into your accounts, you try to avoid any mistakes happening but due to a manual process, reports may not be 100% accurate. You try to minimise this by having several people look over the work but is this the best use of your teams’ time? The answer is no, it can be invested in tasks related to revenue growth.

revenue

Revenue and report targets

Your team need to generate monthly financial reports to help make strategic decisions and highlight any concerns that need addressing. Although useful, these are very time consuming for the team to complete. You will also be set revenue targets and have exposure to those of each department to help ensure forecasts are on track.

Approval process

Approving transactions

One of your roles is to be a decision-maker. Key people from the top want your opinion on whether expensive purchases are worth it, and whether they will make a difference to the business' bottom line. You will also ensure the business doesn’t currently have similar solutions in place. You are the voice of reason, questioning the decision-making process. 

We are here to help!

Discover how our solutions could help ease your problems...

Easily manage student payments, deposits and refunds
Prepare detailed real-time reports in minutes with our user-friendly platforms
Quickly learn and update your knowledge and easily train new employees
Enjoy smooth integrations with a variety of financial systems
Automate repetitive tasks, many of which include large amounts of data
Efficiently reconcile accounts in comprehensive detail

Discuss your needs

Speak to our team about your needs and discover if we have any solutions that will help achieve your goals!

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